In a report released yesterday, Timothy Horan from Oppenheimer maintained a Buy rating on CenturyLink Inc (NYSE: CTL), with a price target of $24. The company’s shares closed yesterday at $22.90, close to its 52-week high of $24.20.
Horan said:
“CTL announced after yesterday’s close that CFO Sunit Patel will depart as of September 28th. Mr. Patel will join T-Mobile to lead the S/TMUS merger and integration efforts. We expect weakness in the stock tomorrow, as investors will likely be concerned with synergy realization after Patel’s departure. He is one of the best CFOs we have ever worked with and his departure is disappointing, but we believe CTL (LVLT) has a deep management bench, and Jeff Storey, CEO, will continue to be the driving force behind restructuring and expense reductions at CTL. We remain confident that CTL is on track for margin and synergy realization, though recognize perception has likely capped the stock for a few quarters.”
According to TipRanks.com, Horan is a top 25 analyst with an average return of 19.4% and a 80.8% success rate. Horan covers the Technology sector, focusing on stocks such as Interxion Holding NV, Boingo Wireless Inc, and Zayo Group Holdings.
Currently, the analyst consensus on CenturyLink Inc is a Moderate Buy with an average price target of $23.67.
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CenturyLink Inc’s market cap is currently $24.75B and has a P/E ratio of 12.65. The company has a Price to Book ratio of 1.07.
Based on the recent corporate insider activity of 73 insiders, corporate insider sentiment is negative on the stock.
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CenturyLink, Inc. is an investment holding company, which engages in the provision of integrated communications to residential and business customers. It operates through the Business and Consumer segment.
